Behavioral Versus Neoclassical Economics

Paradigm Shift or Generalization?

Authored by: Kevin Sontheimer

Handbook of Contemporary Behavioral Economics

Print publication date:  July  2006
Online publication date:  January  2015

Print ISBN: 9780765613028
eBook ISBN: 9781315703879
Adobe ISBN: 9781317469162

10.4324/9781315703879.ch12

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Abstract

In the 1940s and 1950s I undertook to apply to questions in economics the concept of bounded rationality and the related concept of satisficing. . . . These proposals were received by most mainline economists with something less than unbounded enthusiasm. In fact, they were largely ignored as irrelevant for economics (and as probably wrong) for many years. . . . Classical and behavioral economics have stood apart, eyeing each other nervously and suspiciously. They have put off the synthesis that we shall need to fully grasp the economic world around us.

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